Bank of America Securities analyst Craig Bijou maintained a Buy rating on RxSight (RXST – Research Report) yesterday and set a price target of $36.00.
Craig Bijou has given his Buy rating due to a combination of factors influencing RxSight’s market position. One significant development is the recall of BLCO’s enVista intraocular lens, which directly competes with RxSight in the premium IOL market. This recall removes a competitor from the market, potentially redirecting cases back to RxSight’s LAL/LAL+ products.
Additionally, Alcon’s setback in its accommodating IOL program, with delays expected until at least 2030, leaves RxSight as the sole provider of adjustable IOLs for several years. This unique market position, coupled with the growing premium IOL market, particularly outside the US, supports the positive outlook for RxSight. The company’s upcoming expansion into new markets further strengthens its potential for growth, justifying the Buy rating.
Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RXST in relation to earlier this year.